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A Gucci store at Harbor City Mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023.

Bloomberg | Getty Images

Shares of French luxury group Kering fell 14% on Tuesday after the company warned that Gucci’s first-quarter sales will fall 20% year-on-year amid declining transactions in Asia.

The rare profit warning predicts the group’s total sales will fall 10% on a comparable basis in the first three months of 2024, setting the fashion house apart from fellow luxury lines LVMH and Hermes, which have remained resilient despite economic headwinds.

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